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Crooke’s approach is to focus on cash-generative businesses that pay dividends. This meant the portfolio underperformed in the rally of 2009 and 2010, when bombed-out miners and other growth stocks soared.

But his conservative model is back in fashion as the world braces itself for another slowdown and places a premium on well-run, debt-free firms.Crooke is defensive.

He believes that whatever happens to the euro and Western countries, a good outcome would be to ‘manage to crawl through’.

He says: ‘We are still very bearish. Western governments are heavily indebted and they need to be refinanced.

‘This year is the crunch. Households in developed economies are also heavily indebted. Overall we predict ten to 15 years of slow growth as these debts are repaid.’

Governments, including our own, will be seeking to raise taxes from businesses, he says, ‘as companies are the only source of wealth that they can turn to’.

This would be bad news for shareholders and part of Crooke’s job is to gauge where taxes might fall. Earnings from emerging markets will remain important.

Bankers is among an elite of trusts that have increased their dividend payouts annually for decades. Dividend increases have far outstripped inflation, too, making this trust a valuable holding for income-seekers.

The current yield is a juicy 3.5 per cent.

Dividend cover – the amount of money set aside to pay future income to its shareholders – is a comfortable 2.2 years’ worth, so there is little risk that Bankers will slip up in its dividend commitment.